Canaan Inc. (NASDAQ:CAN) stock is taking off on Tuesday despite a lack of news concerning the company.
The increase in prices comes alongside heavy trading of CAN stock. That’s seen more than 26 million shares of the stock change hands as of this writing. For comparison, the daily average trading volume of the stock is less than half that at roughly 12 million shares.
So why exactly are shares of CAN stock up today? Considering the blockchain company’s connections to Bitcoin (BTC), the increase is likely connected to the increasing price in the cryptocurrency today.
Keeping all of that in mind, let’s take a closer look at Canaan Inc. and what potential CAN stock investors need to know about it.
- Canaan Inc. is a company that designs and sells cryptocurrency mining machines.
- It was founded in 2013 when it released the first ASIC-powered bitcoin mining machine.
- The company is currently the second-largest designer and manufacturer of bitcoin mining machines.
- CAN is lead by Nangeng Zhang, the founder, chairman and CEO of the company.
- Canaan Inc. currently offers several versions of its AvalonMiner to customers.
- The company’s other products include its Kendryte K210 computing chip.
- The chip is designed for visual and semantic recognition in a variety of cases.
- The artificial intelligence that goes along with the chips also has several uses.
- That includes facial recognition, smart energy management, and more.
CAN stock was up 31.5% as of Tuesday morning and is up 156.7% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.